FROM THE OFFICE OF PUBLIC AFFAIRS
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March 11, 2004
js-1232
Treasury and IRS Release Instructions For Schedule M-3
Today, the Treasury Department and Internal Revenue Service released draft instructions for Schedule M-3,Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More.
Schedule M-3, released in draft on January 28, 2004, will be used by Large and Midsize Business (LMSB) taxpayers (those with total assets of $10 million or more) filing Form 1120, U.S. Corporation Income Tax Return. The new Schedule M-3 would expand the current Schedule M-1, which has not been updated in several decades.
"The release of the draft Schedule M-3 instructions is the next step towards making differences between financial accounting net income and taxable income more transparent. We look forward to taxpayer comments on Schedule M-3 and how Treasury and IRS can make sure completing the new M-3 is as easy as possible for taxpayers," stated Acting Treasury Assistant Secretary for Tax Policy Greg Jenner.
The Treasury and IRS expect that the proposed Schedule M-3 will be finalized for use with federal income tax returns for tax years ending on or after December 31, 2004
The draft Schedule M-3 instructions and draft Schedule M-3 are attached and may be accessed on www.irs.gov.
REPORTS